Mancelona at a glance
- Population: about 1,388, 305th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,333 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 4.1% higher than at the 2020 Census (US Census Bureau).
- Rank among Michigan places: 305th by size among 533 communities (US Census Bureau).
- Size percentile: about 43% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 44.9024, -85.0613.
- Nearest larger cities (within 120 miles): Kalkaska, MI (13 mi); Elk Rapids, MI (17 mi); East Jordan, MI (18 mi); Gaylord, MI (20 mi); Boyne City, MI (22 mi) (US Census Bureau populations).
- Nearest smaller towns: Bellaire, MI (8 mi); Central Lake, MI (15 mi); Boyne Falls, MI (20 mi) (US Census Bureau).
What a personal loan costs in Mancelona
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Michigan lending rules that apply in Mancelona
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | License required from the commissioner to make regulated loans (Regulatory Loan Act, MCL 493.1 et seq.) Source says: "a person shall not engage in the business of making loans of money ... without first obtaining a license from the commissioner" | Michigan Legislature as of 2026-09-16 |
| State lending regulator | Michigan Department of Insurance and Financial Services (DIFS) Source says: ""Department" means the department of insurance and financial services" | Michigan Legislature as of 2026-09-16 |
| Regulated lender interest/finance charge cap | 25% per annum (Credit Reform Act, MCL 445.1854(1)) Source says: "may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum" | Michigan Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 7% per annum maximum by written agreement; 5% legal rate (MCL 438.31) Source says: "it shall be lawful for the parties to stipulate in writing for the payment of any rate of interest, not exceeding 7% per annum" | Michigan Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment service transactions (2005 PA 244; MCL 487.2121 et seq.), licensed and regulated by DIFS Source says: "AN ACT to regulate the business of providing deferred presentment service transactions; to require the licensing of providers of deferred presentment service transactions" | Michigan Legislature as of 2026-09-16 |
How to compare offers in Mancelona
A few practical steps will make the process in Mancelona less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.